The adoption of Ethereum (ETH) does not show any signs of slowdown, because the second largest cryptocurrency by market capitalization continues to attract companies that seek to diversify their business cash strategies.
Yunfeng Financial buys $ 44 million in Ethereum
According to a announcement Earlier in the day, Yunfeng Financial Group, classified by Hong Kong, is the last entity to invest in Ethereum. The company bought 10,000 ETH worth around $ 44 million.
The announcement indicates that the purchase of the ETH was mainly funded by internal cash reserves. In particular, on July 14, the company disclosed plans to develop in areas such as the web3, real assets (RWA) and artificial intelligence (IA).
For the uninitiated financial group, Yunfeng Financial is a listed company based in Hong Kong offering investment and financier services. In particular, the Chinese billionaire Jack Ma is a key partner of the group.
Regarding the acquisition of ETH, the company explained that Ethereum had been chosen from other digital assets to support the infrastructure for RWA tokenization. The company added:
This measure will also facilitate the group’s technological innovation in the web3 field and will carry out the complete and organic integration of finance with technology for its customers, which will effectively improve customer service experience and financial autonomy. On the other hand, the company will explore the potential applicable ETH models in the group’s insurance company, as well as innovative business scenarios compatible with web3.
The announcement also noted that Yunfeng Financial Group intends to classify ETH as an investment asset in its balance sheet. ETH holding will help diversify its asset base and reduce dependence on traditional fiduciary currencies.
The company linked to Jack Ma plans to take advantage of ETH in insurance operations and commercial -based commercial scenarios (DEFI) decentralized. This could include the use of ETH as a guarantee for DEFI loans or use it to provide liquidity.
In similar news, the company’s ether machine focused on Ethereum announcement That he had raised $ 654 million in ETH in private funding, before his highly anticipated registration of the Nasdaq later this year.
To recall, the Ether machine was formed via a merger between the Ether and Dynamix Corporation reserve earlier this year. The company should make public with nearly 500,000 ETH, worth 2.16 billion dollars.
ETH Flip Bitcoin?
Although Bitcoin (BTC) remains the largest cryptocurrency with a market capitalization exceeding 1 dollars, the ETH regularly catches up. Recent data shows that the funds negotiated by Ethereum (ETF) already surpass their BTC counterparts.
A major factor stimulating the adoption of ETH is its wide range of use cases. CEO of Vaneck Jan Van Eck recently double ETH the “Token Wall Street”. At the time of the press, ETH is negotiated at $ 4,299, down 1.4% in the last 24 hours.
Star image of Unsplash.com, tradingView.com graphic
Editorial process Because the bitcoinist is centered on the supply of in -depth, precise and impartial content. We confirm strict supply standards, and each page undergoes a diligent review by our team of high -level technology experts and experienced editors. This process guarantees the integrity, relevance and value of our content for our readers.
